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Summary

Written by one of America's most experienced real estate experts, this completely revised and updated edition of the bestselling Buying Real Estate Foreclosures offers the latest information on this hot real estate market, including Sources of foreclosed properties, including government agencies, auctions, banks, and defaulting homeowners, Tips on conducting an inspection, calculating property value, and uncovering hidden costs, New strategies for cutting through red tape and negotiating with banks, government agencies, and defaulting homeowners, Techniques for buying foreclosures before, at, and after an auction, Ways to benefit from the latest groundbreaking foreclosure laws. Filled with user-friendly step-by-step worksheets, checklists, sample documents, foreclosed property Web sites, and a helpful glossary, this third edition helps you make sense of all the changes in the foreclosure market. Buying Real Estate Foreclosures guides you toward a purchase that will leverage the most profit-safely and sanely-with minimal risk. Book jacket.

Author Biography

Melissa S. Kollen-Rice is an attorney with more than 20 years experience in all phases of the real estate industry, and the director of Long Island Real Estate Training.

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Table of Contents

Table of Sample Forms, Illustrations, and Checklists

p. xi

Preface

p. xv

Acknowledgments

p. xvii

Introduction

p. xix

Understanding Foreclosures

p. 1

An Overview of the Legal Procedure in Foreclosure Actions

p. 3

Mortgages and Deeds of Trust

p. 5

Judicial and Nonjudicial Foreclosures

p. 9

Finding the Foreclosure Statute in Your State

p. 14

The Soldier's and Sailor's Civil Relief Act of 1940

p. 16

The Three Opportunities for Purchasing Foreclosures

p. 16

The Basics of Buying Foreclosures at the Auction

p. 19

A Day at the Auction

p. 21

Warning: Peculiar Purchase Ahead

p. 27

Finding Upcoming Foreclosure Auctions

p. 31

The Basics of Buying Foreclosures after the Auction-from Banks

p. 35

Defining Bank-Owned Properties

p. 37

Redefining Bank-Owned Properties

p. 38

A Lender's View of Bank-Owned Property

p. 39

An REO Purchase versus a Bank Auction Purchase

p. 41

Finding REOs

p. 42

Preparing Your Offer

p. 44

Negotiating Strategies That Help You Cut through the Red Tape

p. 47

The Basics of Buying Foreclosures after the Auction-from Federal, State, and Local Government Agencies